Sensex, Nifty Live updates: Sensex declines by 505 points, Nifty settles at 19,331; Nifty Bank and Mid-Cap indices fall around 1%

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Benchmark stock indices fell Sensex By about 505 points at the close, while Nifty settled down at the level of 19330 due to profit-taking in financial stocks, information technology, and oil, after recording a record and weak global trends.

The 30-share BSE Sensex Index fell sharply by 505.19 points, or 0.77 percent, to close at 65,280.45, with 25 of its components closing in red and five in green. The barometer moved between 65175.74 and 65898.98 during the day.

Ending its eight-day winning streak, the broader share of the National Stock Exchange, Nifty, fell by 165.50, or 0.85 percent, to settle at 19,331.80. As many as 44 Nifty stocks declined while six stocks rose.

Among the major Sensex stocks, Power Grid was the biggest loser, down 2.76 percent. IndusInd Bank fell 2.34%, HUL fell 2.23%, and NTPC fell 2.04%.

ICICI Bank, HDFC Bank, HDFC, ITC, Infosys, L&T, Bajaj Finance, Kotak Bank, HCL Tech and Tech Mahindra were among the losers.

On the other hand, Tata Motors rose by 2.94 percent, followed by Titan, which rose by 1.26 percent. Mahindra, Mahindra, SBI and TCS were also among the gainers.

“The local market succumbed to profit-taking as heatwaves from weak global markets hit the shore. Global equities were pulled back by a sharp rise in US bond yields, driven by expectations of a prolonged high interest rate environment after the sharp increase,” said Vinod Nair, head of research at Geojit Financial Services. In the US private payroll data.

In the broader market, BSE Midcap fell 0.76 percent to 28,999.02 while BSE Small fell 0.28 percent to 33,129.41.

All BSE sectoral indices except for automobiles and consumer durables ended in the red with losses of 1.63 percent.

In global markets, Hong Kong, China, Japan and Australia sank by as much as 1.7 percent after losses last night in US stocks, as reports indicated that the labor market in the United States is still more flexible than expected.

Investors fear that as a strong labor market keeps the economy out of a long-feared recession, it may also prompt the US Federal Reserve to keep interest rates higher for longer in its campaign to defeat high inflation.

Brent crude, the global benchmark for oil, rose 0.25 percent to $76.70 a barrel.

Challenging the weak trend in global markets, the 30-share BSE Sensex Index rose 339.60 points, or 0.52 percent, to settle at a new all-time closing high of 65,785.64 on Thursday. The NSE Nifty Index rose by 98.80 points, or 0.51 percent, to close at a new record high of 19,497.30.

Foreign institutional investors (FIIs) continued their buying activity as they bought shares worth Rs 2,641.05 crore on Thursday, according to exchange data. – PTI